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FOX News
Dec 9, 2012 6:00am EST
about the fiscal cliff and this is framed around that point, in the new year, with the bush year tax cuts expire, there's a housing tax cut that's going to expire-- this is where we got with the bubble. could we be headed back there. explain what housing is going to expire. >> this is called the mortgage debt relief act. put in place in 2007. distressed home owners selling in a short sales. that principal has been forgiven, maybe they sold for $100,000, and maybe it was 150,000, the 50,000 they don't have to pay taxes on it. with this act expiring that means they're going to have to pay taxes. this is staggering, the average short sale looking at about $95,000 is lost when a short sale happens and looking at the taxes if this cut is expired. people owe as much as $33,000 on principal balance that nobody is recouping. >> the government says we need the revenue. will it bring revenue. >> technically 1.3 billion dollars in revenue not very much. i think the the implications of-- 1.3 billion dollars versus what this could do to the housing market, actually to the economy as a whole, i don't t
Search Results 0 to 1 of about 2 (some duplicates have been removed)